Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price dropped 7.3% during mid-day trading on Tuesday . The company traded as low as $20.44 and last traded at $20.40. Approximately 591,460 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 964,617 shares. The stock had previously closed at $22.00.
Analysts Set New Price Targets
Several brokerages have recently commented on EWTX. Evercore ISI upped their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, December 17th. Royal Bank of Canada lowered their price target on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday. Piper Sandler reiterated an "overweight" rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the company from $50.00 to $14.00 in a report on Wednesday. Finally, Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Edgewise Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $40.38.
Read Our Latest Analysis on EWTX
Edgewise Therapeutics Price Performance
The stock has a market capitalization of $1.16 billion, a P/E ratio of -8.07 and a beta of 0.22. The business's 50 day moving average price is $25.54 and its 200 day moving average price is $28.44.
Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.03). As a group, analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.
Insider Activity
In other news, CEO Kevin Koch sold 8,636 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the sale, the chief executive officer now directly owns 14,478 shares in the company, valued at $434,774.34. This trade represents a 37.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the firm's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the sale, the insider now directly owns 14,863 shares in the company, valued at approximately $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $986,245 in the last 90 days. Company insiders own 24.11% of the company's stock.
Institutional Investors Weigh In On Edgewise Therapeutics
A number of institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its position in shares of Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company's stock worth $121,616,000 after acquiring an additional 1,951,220 shares during the last quarter. Paradigm Biocapital Advisors LP raised its holdings in shares of Edgewise Therapeutics by 61.1% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after buying an additional 1,704,757 shares during the period. First Light Asset Management LLC purchased a new stake in Edgewise Therapeutics in the fourth quarter worth $20,843,000. Foresite Capital Management VI LLC bought a new stake in shares of Edgewise Therapeutics during the fourth quarter worth $15,620,000. Finally, Braidwell LP boosted its stake in shares of Edgewise Therapeutics by 19.1% during the fourth quarter. Braidwell LP now owns 2,332,196 shares of the company's stock valued at $62,270,000 after purchasing an additional 373,886 shares during the period.
About Edgewise Therapeutics
(
Get Free Report)
Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.
See Also
Before you consider Edgewise Therapeutics, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Edgewise Therapeutics wasn't on the list.
While Edgewise Therapeutics currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
